Financing woes delay Hoffman Estates amphitheater

October 15, 2008|By Ken Manson, Special to the Tribune

The nation's credit crunch has delayed construction of the proposed Prairie Creek amphitheater, an outdoor music venue that would be part of Hoffman Estates' entertainment district, village officials said.

Prairie Creek Properties, the developer, had planned to start work this summer on the 9,400-seat amphitheater in hopes of opening by Memorial Day. Village officials now say that is unlikely.

"They're having trouble getting money at a rate [of interest] that makes sense to them," said Mark Koplin, an assistant village manager.

The $34 million amphitheater would be between the Sears Centre arena and a planned hotel and water park.

Attempts to reach Jerry Mickelson, one of the developers and co-founder of music promoter JAM Productions, or Mark Gershon, a lawyer representing Prairie Creek Properties, were unsuccessful.

Trustee Gary Pilafas said the village was told by the developer that the project was delayed.

The developer is "running out of warm days" to start construction this year, Pilafas said.

As a result of the construction delay, village officials have postponed until April a plan to do noise monitoring at the site.